WeightWatchers 2009 Annual Report Download - page 76

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE FISCAL YEARS ENDED
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
January 2,
2010
January 3,
2009
December 29,
2007
(52 weeks) (53 weeks) (52 weeks)
Meeting fees, net ............................................ $ 817,523 $ 908,084 $ 880,724
Product sales and other, net ................................... 385,405 441,922 434,818
Internet revenues ............................................ 195,985 185,806 151,625
Revenues, net .......................................... 1,398,913 1,535,812 1,467,167
Cost of meetings, products and other ............................ 634,932 665,434 620,455
Cost of Internet revenues ..................................... 36,007 35,401 32,776
Cost of revenues ........................................ 670,939 700,835 653,231
Gross profit ............................................ 727,974 834,977 813,936
Marketing expenses ......................................... 200,479 227,437 205,336
Selling, general and administrative expenses ...................... 170,845 182,493 172,993
Operating income ....................................... 356,650 425,047 435,607
Interest expense ............................................ 66,722 92,667 109,277
Other income, net ........................................... (228) (1,969) (3,182)
Early extinguishment of debt .................................. — — 3,021
Income before income taxes ............................... 290,156 334,349 326,491
Provision for income taxes .................................... 115,585 132,002 125,311
Net income ............................................ 174,571 202,347 201,180
Net loss attributable to the noncontrolling interest .................. 2,773 1,984 —
Net income attributable to Weight Watchers International, Inc. . . . $ 177,344 $ 204,331 $ 201,180
Earnings Per Share attributable to Weight Watchers International, Inc.
Basic ................................................. $ 2.30 $ 2.61 $ 2.50
Diluted ............................................... $ 2.30 $ 2.60 $ 2.48
Weighted average common shares outstanding:
Basic ................................................. 77,004 78,250 80,583
Diluted ............................................... 77,117 78,495 81,107
Dividends declared per common share ........................... $ 0.70 $ 0.70 $ 0.70
The accompanying notes are an integral part of the consolidated financial statements.
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